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Powerball Annuity Jackpot Analysis for New York (Aug. 29, 2020 Drawing)

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $47,000,000 would be for a resident of New York, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

New York

Drawing Date:  Aug. 29, 2020
Jackpot:$47,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$169,780$62,394$475,243
2$742,788$178,269$65,514$499,005
3$779,928$187,183$68,790$523,955
4$818,924$196,542$72,229$550,153
5$859,870$206,369$75,841$577,661
6$902,864$216,687$79,633$606,544
7$948,007$227,522$83,614$636,871
8$995,407$238,898$87,795$668,715
9$1,045,178$250,843$92,185$702,150
10$1,097,437$263,385$96,794$737,258
11$1,152,308$276,554$101,634$774,121
12$1,209,924$290,382$106,715$812,827
13$1,270,420$304,901$112,051$853,468
14$1,333,941$320,146$117,654$896,142
15$1,400,638$336,153$123,536$940,949
16$1,470,670$352,961$129,713$987,996
17$1,544,204$370,609$136,199$1,037,396
18$1,621,414$389,139$143,009$1,089,266
19$1,702,484$408,596$150,159$1,143,729
20$1,787,609$429,026$157,667$1,200,916
21$1,876,989$450,477$165,550$1,260,961
22$1,970,839$473,001$173,828$1,324,009
23$2,069,380$496,651$182,519$1,390,210
24$2,172,849$521,484$191,645$1,459,720
25$2,281,492$547,558$201,228$1,532,706
26$2,395,567$574,936$211,289$1,609,342
27$2,515,345$603,683$221,853$1,689,809
28$2,641,112$633,867$232,946$1,774,299
29$2,773,168$665,560$244,593$1,863,014
30$2,911,826$698,838$256,823$1,956,165
Total$47,000,000$11,280,000$4,145,400$31,574,600
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